Top stock recommendations for January 9, 2025 – Newz9

Stock market recommendations: According to Sagar Doshi, Senior Vice President- Research, Nuvama Professional Clients Group, Minda Corporation, Oberoi Realty,and OIL are the prime stock picks for as we speakHere’s his view on Nifty, Bank Nifty and the highest stock picks for January 9, 2025:
Nifty
Nifty noticed a bout of brief protecting in second half of Wednesday’s commerce forward of its weekly expiry scheduled as we speak permitting the index to finish flat. The Index had been reeling beneath strain because it broke beneath its 200 DMA earlier this week. Though total view on charts present additional draw back, the present brief protecting leg may take index again to 23900 – 23950 whereby it may retest its 200 DMA assist changed into resistance. Nifty has rejected closing beneath 23500, not one, two however thrice prior to now 3 weeks of commerce exhibiting that there’s a presence of brief time period consumers.
Bank Nifty
Bank Nifty hit a recent 7-month low in yesterday’s session, whereas the present brief protecting was seen on this index as effectively which helped get better greater than 50% of its intraday losses. Bank Nifty is on the verge of dealing with a 6 month lengthy head and shoulder sample breakdown with neckline seen at 49600 on a closing foundation. For now a commerce between 49600 – 50600 may very well be seen enjoying out for the remainder of this week on the index until a transparent path shouldn’t be fashioned by the index on every day closing foundation.
MINDACORP (BUY):
LCP: 532.90
S/L : 511
Target: 585
MINDACORP is exhibiting early indicators of ending its 4.5 month corrective consolidation because the stock continues to seek out repeated assist at its 200 DMA. Only prior to now 3 months, stock has taken assist and bounced off greater than 5 occasions from its 200 DMA making this transferring common a powerful dynamic assist zone for the scrip. A downward sloping trendline marking the continued consolidation is on the verge of giving a breakout above 535 closing which may permit additional momentum on the scrip going ahead.
OBEROIRLTY(BUY):
LCP: 2282.40
S/L : 2196
Target: 2535
Stock has been in a sideways consolidation for the previous 3 weeks now, this week’s worth motion confirms starting of recent leg upside. OBEROIRLTY has been outperforming its friends in addition to the sectoral index NIFTYRLTY because the index has cooled of practically 14% from its current excessive prior to now 2 quarters, whereas the stock has gained 35% in the identical interval. This outperformance is more likely to proceed for one other 10-12% upside on the stock as consolidation nears an finish as per every day chart sample.
OIL (BUY):
LCP: 491.70
S/L : 470
Target: 546
Shares had been drooling beneath strain final month after it broke beneath a bearish cup and deal with sample, nevertheless that bearish worth motion has negated strongly from the beginning of this new calendar 12 months as a result of a number of exterior triggers. This has created an enormous brief protecting transfer on the stock whereas a 38.2% retracement of its 44% correction seen over 4 months – appears to be a sensible goal on the identical. Momentum is more likely to proceed until 540/560 on the scrip within the brief time period.
Disclaimer: The opinions, analyzes and recommendations expressed herein are these of brokerage and don’t replicate the views of The Newz9. Always seek the advice of with a professional funding advisor or monetary planner earlier than making any funding choices.